What is electrical induction?

Answer 1

'Induction' describes the process by which a varying current in one conductor 'induces' a voltage into either the same conductor ('self induction') or into a nearby conductor ('mutual induction'). Mutual induction is the process by which a transformer works.

Answer 2

Inductance is the property that coils (aka inductors) have to oppose changes in the current passing through them.

Capacitance is the property that capacitors have to oppose changes in the voltage across them.

Resistance is the property that resistors have to oppose current through them and produce a voltage drop across them.

There are several mechanical, hydraulic, etc. analogs of these. For example in one mechanical analog the inertia of a mass corresponds to inductance, the behavior of a spring corresponds to capacitance, and friction corresponds to resistance. For some people it is easiest to understand the electronic concept in terms of one of these analogs, instead of directly.